While approving the Report of the Sixth Central Pay Commission, the Government referred the matter related to the pay scale of Pharmacists to a Fast Track Committee.

2. Based on the decision of the Government, on the recommendations of the Fast Track Committee, Ministry of Railways with the approval of the President have decided the following pay structure for the posts of Pharmacists cadre on the Railways w.e.f. 1.1.2006:‑

3. Consequent upon the implementation of the above pay structure, promotion from Pharmacist (Entry Grade) to the next higher grade of Pharmacist (Non-functional Grade) having grade pay of Rs.420 will be delinked from vacancies and will become non-functional and time-bound.

4. The posts of Chief Pharmacist in the pre-revised scale of Rs.6500-10500 will be placed in Grade Pay Rs.4600 in terms of Board's letter No.PC-VI/2009/I/RSRP/8 dated 22.12.2009. Further, as stipulated in note 2 under schedule circulated vide Annexure `B' of Board's letter No.PC-VI/2008/I/RSRP/1 dated 11.09.2008 in case a post already existed in the pre-revised scale of Rs.7450-11500, the posts being upgraded from the scale of Rs.6500-10500 should be merged with the post in the scale of Rs.7450-11500.

5. This issues in consultation with Establishment, Management Services and Health Directorates and concurrence of the Finance Directorate of the Ministry of Railways.

No.3 1/65/2009-EO (MM-I)Government of lndiaDepartment of Personnel & Training(Office of the Establishment Officer)******

New Delhi, dated 04.03.2010.

OFFICE MEMORANDUM

Subject: Policy on fixing an upper limit of the number ofyears for which officers can work in the personal staff of the Union Minister in their entire careers.

Tlie issue of officers working in the personal staff of Ministers for long periodsof time has been engaging the attention of the Government for quite some time. The various Departments/Services recruit officers to man their respective organizations and it is not in the interest of the cadre management of an organization lo let its officers be out of their cadres for prolonged periods of time.

2. The Appointments Committee of the Cabinet has decided that

(i) A total ceiling of ten years be prescribed beyond which an officer may not be permitted to be appointed in the personal staff of Ministers, irrespective of level.

(ii) Every time an appointment in the personal staff is made the cadre authorities may check whether the officer has worked in the personal staff of a Minister earlier and if so, his total tenure be restricted to not more than ten years in his entire career. Further, his tenure as Private Secretary and OSD to the Minister should be limited to five years within this overall limit, on the personal staff of the Minister.

(iii) The ceiling of ten years and the sub limit of five years for PS/OSD with theceiling of ten years, in the personal staff would be adhered to' while processing the cases for appointments of PSs and OSDs. The tenure provided in all such cases would be inclusive of any stint that the officer may have worked in, earlier at Under Secretary or lower levels also in the personal staff of any Minister.

(iv) No relaxation will be granted to the above conditions.

(v) The Personal staff appointed in the Prime Minister's Oftice may be exempted from the above provisions.

The undersigned is directed to refer to this Department's OM No. 42/12/2009-P&PW(G) dated 23.9.2009 on the subject mentioned above and to state that the President is pleased to decide that the Dearness Relief payable to Central Government pensioners shall be enhanced from the existing rate of 27% to 35% w.e.f. 1st January, 2010.

2. These orders apply to (i) All Civilian Central Government Pensioners/Family Pensioners (ii) The Armed Forces Pensioners, Civilian Pensioners paid out of the Defence Service Estimates, (iii) All India Service Pensioners (iv) Railway Pensioners and (v) The Burma Civilian pensioners/family pensioners and pensioners/families of displaced Government pensioners from Pakistan, who are Indian Nationals but receiving pension on behalf of Government of Pakistan, who are in receipt of ad-hoc ex-gratia allowance of Rs. 3500/- p.m. in terms of this Department's OM No. 23/1/97-P&PW(B) dated 23.2.1998 read with this Department's OM No. 23/3/2008-P&PW(B) dated 15.9.2008.

3. Central Government Employees who had drawn lumpsum amount on absorption in a PSU/Autonomous body and have become eligible to restoration of 1/3`d commuted portion of pension as well as revision of the restored amount in terms of this Department's OM No. 4/59/97-P&PW (D) dated 14.07.1998 will also be entitled to the payment of DR @ 35% w.e.f. 1.1.2010 on full pension i.e. the revised pension which the absorbed employee would have received on the date of restoration had he not drawn lumpsum payment on absorption and Dearness Pension subject to fulfillment of the conditions laid down in para 5 of the O.M. dated 14.07.98. In this connection, instructions contained in this Department's OM No.4/29/99-P&PW (D) dated. 12.7.2000 refers.

4. Payment of DR involving a fraction of a rupee shall be rounded off to the next higher rupee.

5. Other provisions governing grant of DR in respect of employed family pensioners and re-employed Central Government Pensioners will be regulated in accordance with the provisions contained in this Department's OM No. 45/73/97-P&PW (G) dated 2.7.1999 as amended vide this Department's OM No. F. No. 38/88/2008-P&PW(G) dated 9th July, 2009.The provisions relating to regulation of DR where pensioner is in receipt of more than one pension will remain unchanged.

6. In the case of retired Judges of the Supreme Court and High Courts, necessary orders will be issued by the Department of Justice separately.

7. It will be the responsibility of the pension disbursing authorities, including the nationalized banks, etc. to calculate the quantum of DR payable in each individual case.

8. The offices of Accountant General and Authorised Public Sector Banks are requested to arrange payment of relief to pensioners etc. on the basis of above instructions without waiting for any further instructions from the Comptroller and Auditor General of India and the Reserve Bank of India in view of letter No. 528-TA, I1/34-80-II dated 23/04/1981 of the Comptroller and Auditor General of India addressed to all Accountant Generals and Reserve Bank of India Circular No. GANB No. 2958/GA-64

(ii) (CGL)/81 dated the 21St May, 1981 addressed to State Bank of India and its subsidiaries and all Nationalised Banks.

9. In their application to the pensioners/family pensioners belonging to Indian Audit and Accounts Department, these orders issue in consultation with the C&AG.

10. This issues with the concurrence of Ministry of Finance, Department of Expenditure vide their OM No. 1(4)/EV/2004 dated 31.3.2010.

Tuesday, March 30, 2010

Oriental Bank of India (OBC) is a leading public sector bank invites application from Indian citizens for the following posts of Specialist Officers. The candidates have to apply online only after ensuring that they are eligible in all respects.

A husb- and and a wife who are government employees are both entitled to house rent allowance if one of them is posted a “reasonable distance” away from the other, Calcutta High Court has said.

The government now offers the allowance to either the husband or the wife if the distance between their workplaces is less than 250km.

But the court today ask- ed the government to redraw the house rent allowance policy using a “reasonable dis- tance” instead of 250km as the cut-off.

The matter came up during the hearing of a case moved by a Murshidabad teacher whose husband works for the railways in Calcutta.

Since Shukla Das’s hus-band stays 225km from her school in Kandi, she is not entitled to her house rent allowance, according to the rule that came into effect following a circular issued in October 2007. “She stays in a rented house at Purandarpur but she doesn’t get any rent allowance as her husband is already getting it,” said her lawyer Kaushik Chanda.

Das welcomed the order. “I had repeatedly told the authorities that I deserved the allowance but nothing happened. So, I moved court earlier this month.”

Opposing the petition, government lawyer Kamalesh Jha had said: “Fixing the house rent allowance for government employees is an administrative decision and the court should not interfere in the matter.”

However, Justice Biswanath Somadder said: “As the transport system and infrastructure in our country are not so developed that an employee can travel 450km a day to attend his/her place of work and return home, the government should fix a reasonable distance from home to the workplace if it wants to give house rent to only one of them.”

Before the 2007 circular, all state government employees were entitled to house rent allowance.

“When the government realised that working couples were drawing double house rent but sharing the same accommodation, it adopted the existing policy. But the 250km norm was impractical,” said Chanda.

Subject: Guidelines for fixation of pay of candidates working in PublicSector Undertakings etc., recommended for appointment by the Commission by the method of recruitment by selection - regarding.

Reference is invited to this Department's OMs No. 1211/88-Pay-I dated 7.8.89 and 1211196-Pay-I dated 10.7.98, whereby guidelines for fixation of pay of candidates working in Public Sector Undertakings etc., recommended for appointment by the Commission by the method of recruitment by selection through interview only, were issued.

2. Subsequent to the implementation of the recommendations ofthe 6th CPC and the issue of CCS(RP) Rules 2008, the system of Running PayBands and Grade Pays has been introduced. Accordingly, in partialmodification of this Department's OM dated 7.8.89 and 10.7.98 referred toabove, the method of pay fixation in respect of those appointed on or after1.1.2006 will be as under:

"In case of candidates working in Public Sector Undertakings, Universities, Semi-Government Institutions or Autonomous Bodies, who are appointed as direct recruits on or after 1.1.2006 on selection through interview by a properly constituted agency including Departmental Authorities making recruitment directly, their initial pay may be fixed by granting them the Grade Pay attached to the post. Further, their pay in the Pay Band may be fixed at a stage so that the pay in the Pay Band +Grade Pay and DA as admissible in the government, protects the pay +DA already being drawn by them in their parent organisations. The pay in the Pay Band fixed under this formulation will not be fixed at a stage lower than Entry Pay in the Revised Pay Structure (corresponding to the Grade Pay applicable to the post) for direct recruits on or after 1.1.2006 as notified vide Section II, Part A of First Schedule to CCS(RP) Rules, 2008. The pay in the Pay Band fixed under this formulation will not exceed Rs. 67000, the maximum of the Pay Band PB-4."

3.The conditions for admissibility of pay protection shall be the same asstipulated in this Department's OMs dated 7.8.89 and 10.7.98 referred toabove.

4.In so far as persons serving in the India Audit and Accounts Department are concerned, these orders are issued with the concurrence of the Comptroller and Auditor General of India.

The sixth pay commission may have brought in enough good news for both current and former government employees, but paucity of funds seems to be holding the cheers back. Around 2,500 retired employees of the Nagpur Zilla Parishad (ZP) are yet to receive the first installment of their pension arrears, even as the second installment becomes due on March 31. As per the recommendations of the pay panel, the retired were to receive pension as per the revised scale from January 1, 2006.

However, the recommendations were made much later and hence the state government decided to pay the extra money in the form of arrears in five installments. The first of these installments was due in June last year, but have not been paid. Even as the second installment becomes due on Wednesday, the accounts department of the Zilla Parishad is claiming that it does not have enough funds to pay the arrears. Chief accounts and finance officer A D Hemke told TOI that the state government has sent funds that are even lesser than last year and also recalled any surplus funds that may have been available with the ZP accounts department. That coupled with the salary revision of some of the ZP employees has further increased the amount of money to be distributed.

“Last year, the state government had given Rs 31 crore to distribute as salary and pension. This year, even though we have to pay the arrears along with the regular salary payments, we have received only Rs 28 crore. We have just two options. Either we stop regular payments and pay arrears, or we stop arrears and continue the regular payments, including pension and salary,” Hemke said. “Nevertheless, we have already applied for an additional grant of the Rs 3 crore to be released by the state government. If it arrives by March 31, then we will be in a position to pay the arrears. Under the present circumstances, we are even lagging behind in paying people who subscribe to certain schemes,” he added.

The non-payment of these arrears is causing a lot of problems. Sources claimed that several elderly women, who are supposed to receive the arrears on behalf of their deceased husbands, are suffering because of this.

It has come to the notice of this Department that fake orders on revised rate of Overtime Allowance are being circulated in Central Govt. offices. It has been confirmed from Ministry of Finance that the O.M. No.1 (4)/2010 E-II dt.27/3/2010 signed by Sh. S. Rajan Chandranaydu, Under Secretary to the Govt. of India purportedly issued by Ministry of Finance is fake.

It is clarified that no such instruction has been issued by this Department or Ministry of Finance. Ministries/Departments are advised not to take cognizance of the fake instructions being circulated in Central Govt. Offices .

It has been decided to declare Wednesday, the 14th April 2010, as aClosed Holiday on account of the birthday of Dr. B.R. Ambedkar, forall Central Government Offices including industrial establishmentsthroughout India.

2. The above holiday is also being notified in exercise of thepowers conferred by Section 25 of the Negotiable Instruments Act,1881 (26 of 1881).

3. All Ministries/Departments of Government of India may bring theabove decision to the notice of all concerned.

Saraswat Bank, the largest Urban Co-operative Bank in India, has a network of 200 fully computerised branches on CBS platform located in six states i.e. Maharashtra, Goa, Karnataka, Madhya Pradesh, Gujarat and Delhi. The total business of the Bank has crossed over Rs.22,000 crore as on today with zero percent net NPA. The Bank is now looking for energetic and dynamic candidates, residing in Mumbai and Pune only and fulfilling the following eligibility norms for recruitment as CLERKS – (MARKETING & OPERATIONS):

Candidates appearing for final year B.Com exams and expecting first class with minimum 60% marks will be allowed to apply provisionally.

Proficiency in computer operations is a must.

The eligible candidates will have to qualify in the written test and group discussions/interview. The written test will comprise of Test of Reasoning, English Language, Numerical Ability and Clerical Aptitude.

Pay Scale : Six Months consolidated salary of Rs.9,500/- p.m. After confirmation, the post will carry gross emoluments of around Rs.1.43 lakhs per annum and other benefits, as admissible under the relevant grade.

Interested candidates fulfilling the above eligibility criteria may send their applications with complete details (in the formats available by clicking the option given below) in a sealed envelope superscribing“Application for the post of Clerk – (Marketing and Operations)” alongwith a demand draft of Rs.200/- in favour of “The Saraswat Co-op.Bank Ltd., Mumbai” as application fee within five days to Mrs. Pearl R. Varghese, Asst. General Manager (HRD), The Saraswat Co-operative Bank Ltd., (Scheduled Bank), “Madhushree” Plot No.85, Sector 17, District Business Centre, 2nd Floor, Vashi, Navi Mumbai 400 703.

In the Government Order first read above, the Government sanctioned an ad-hoc increase in the Consolidated Pay / Fixed Pay / Honorarium with effect from 01. 07.2009 at the rate of Rs.20/- per month in respect of those drawing revised Consolidated Pay / Fixed Pay Honorarium up to Rs.600/- per month and at the rate of Rs.40/- per month in respect of those drawing revised Consolidated Pay / Fixed Pay / Honorarium of above Rs.600/- per month.

2. In the Government Order second read above, orders were issued enhancing the Dearness Allowance payable to Government employees on regular time scale of pay with effect from 1.1.2010. Government has therefore, decided to grant ad-hoc increase to those drawing revised Consolidated Pay / Fixed Pay / Honorarium with effect from 01.01.2010. Accordingly, Government direct that employees drawing revised Consolidated Pay / Fixed Pay / Honorarium be allowed another ad-hoc increase with effect from 01.01.20 10 as detailed below:‑

Sunday, March 28, 2010

Bharat Heavy Electricals Limited (BHEL) required 146 experienced engineers at various levels in different projects all over India in Civil/ Mechanical/ Electrical/ Electronics/ Instrumentation Engineering for Projects in Power Sectors.

Coal India (CIL) employees will get a 5 per cent discount on offer price in the government-owned company’s maiden public offer likely to hit the markets in July. The draft red herring prospectus (DRHP) is expected to be filed with the Securities and Exchange Board of India (Sebi) by June 15, company’s chairman Partha S Bhattacharyya told FC.

“The DRHP can be filed only after receiving the government’s approval,” he said. Initially, about 10 per cent equity of CIL will be on offer for public. About one per cent of company’s shares will be offered to CIL employees exclusively, for which the government has decided to allow 5 per cent discount. Another 3 per cent shares will be marked for the families displaced by CIL operations and mines. A total of 63.16 crore shares would be offered through the public issue.

Bhattacharyya said implementation of company’s on-going projects would become easier if it allotted shares to the affected people. CIL is implementing 134 projects, which are at various stages of implementation.

Price discovery for CIL will done using the conventional book-building process based on a band determined by the pricing committee headed by finance minister Pranab Mukherjee. The government will decide on discount to be offered to retail investors.

A coal ministry official said there was possibility of CIL floating a new trust which will hold the equity on offer for the project-affected people (PAP). The equity share for PAP would be higher than the employees’ share, he said.

The government awarded the navratna status to the PSU in September 2008 on the condition that it would get listed in the next three years. CIL is among the 20 PSUs that the centre proposes to list on bourses by selling up to 20 per cent stake in phases.

CIL contributes around 85 per cent of coal production in India. It has a sales turnover of over Rs 45,000 crore and employs nearly 4.25 lakh employees.

Staff Selection Commission (SSC) will hold recruitment of SAS Apprentices in CGDA Examination 2010. The Examination will comprise of written examination consisting of three papers followed by Interview.

VACANCIES & RESERVATION :

SAS Apprentices - 453 posts (UR-231, SC-67, ST-33, OBC-122)

Qualificiation: University Degree in Honours or MA/M.Sc./M.Com or Diploma of Chartered Accounts and Costs and Works Accounts from recognized institutes/organizations.

Age Limit: 18-27 years

Close Date: 27/04/2010 at 5 PM

Date of Exam: 26.06.2010 & 27.06.2010

How To Apply: Application Fee is Rs. 100/- (No fee for SC/ST/PH/Women and Ex-Serviceman). Fee will be paid only in the form of "Central Recruitment Fee Stamps (CRFS)".

Friday, March 26, 2010

Around one lakh employees of four Indian government owned non-life insurers will strike work for two hours March 31, demanding 40 percent pay hike and an option to join pension scheme. They claim they have 'done well and the management should reciprocate'.

All the unions in the four companies -- National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company Limited -- called for a two-hour walk-out from work places preceding the lunch recess March 31, the last working day of the current fiscal.

The unions warned of serious action if their demands were not met.

'The four government owned non-life insurers have clocked a gross premium of Rs.18,222 crore up to February 2010 this fiscal, logging a growth of 12.21 percent over the corresponding period of the previous year. On the other hand, leading private non-life insurers have logged negative growth,' J.Gurumurthy, secretary of All India Insurance Employees Association (AIIEA), told IANS Thursday.

He said the wage talks are still at the level of general manager level of the individual companies, steadfast on their offer of 17.5 percent salary hike, made at Kolkata Dec 22 last year.

The Governing Board of General Insurers Public Sector Association (GIPSA) Feb 5 informed the unions that it did not find it possible to improve the offer.

After the rejection of the offer of 15 percent increase, the GIPSA came up with a revised offer of 17.5 percent.

The AIIEA had demanded 40 percent wage hike so that there is pay parity with that of the private sector.

'The chairman and managing directors seem to feel that it is not their responsibility to find a satisfactory solution to the wage demand of the employees and officers in consonance with growth, productivity and competitive environment,' Gurumurthy added.

He said wage talks were resumed in Life Insurance Corporation of India (LIC) after the unions rejected the 17.5 percent hike offered.

The undersigned is directed to refer to this Ministry’s Office Memorandum No.1(6)/2009-E-II(B) dated 18th September, 2009 on the subject mentioned above and to say that the President is pleased to decide that the Dearness Allowance payable to Central Government employees shall be enhanced form the existing rate of 27% to 35% with effect from 1st January, 2010.

2. The provisions contained in paras 3, 4 and 5 of this Ministry’s O.M. No.1(3)/2008-E-II (B) dated 29th August, 2008 shall continue to be applicable while regulating Dearness Allowance under these orders.

3. The additional instalment of Dearness Allowance payable under these orders shall be paid in cash to all Central Government employees.

4. The payment of arrears of Dearness Allowance for the month of January and February, 2010 shall not be made before the date of disbursement of salary for March, 2010.

5. These orders shall also apply to the civilian employees paid from the Defence Services Estimates and the expenditure will be chargeable to the relevant head of the Defence Services Estimates. In regard to Armed Forces personnel and Railway employees separate orders will be issued by the Ministry of Defence and Ministry of Railways, respectively.

6. In so far as the persons serving in the Indian Audit and Accounts Department are concerned, these orders issue after consultation with the Comptroller and Audit General of India.

Thursday, March 25, 2010

RAJYA SABHA

Government is aware of the unemployment problem of youth. In order to improve the employability of the youth, Ministry of Labour & Employment is implementing the following major schemes for skill enhancement:

Craftsmen Training Scheme (CTS)

Apprenticeship Training Scheme (ATS)

Skill Development Initiative through Modular Employable Skills.

Aforesaid schemes have training capacity of about 1.87 million persons per annum. Besides, 17 other ministries are also providing skill training in the areas of skill concerning their jurisdictions.

For enhancing employability & capacity building of youth, Sub-Committee of National Council for Vocational Training (NCVT) on ‘Norms & Courses’ has recommended to introduce a subject tilted “Life Skills” in all Industrial Training Institutes / Centres (ITIs/ITCs). The course on Life Skills includes the following modules: Communication Skills, English Proficiency, Basic Computer literacy, Entrepreneurial Development Skills, Quality Management Tools and Occupational Safety and Health.

The Union Cabinet approved “National Policy on Skill Development” on 23rd February 2009. The policy is a guiding document for implementation of various skill development programmes in the country.

The National Skill Development Policy seeks to:

increase capacity and capability of the existing system to ensure equitable access to all,

promote lifelong learning, maintain quality and relevance according to the changing requirements,

create effective convergence between school education, various skill development efforts of Government and between Government and private sector,

enhance capacity of institutions for planning, quality assurance and involvement of stakeholders,

create institutional mechanisms for research development, quality assurance, etc. and

finally to increase participation of all stakeholders to mobilise adequate financial, physical and intellectual resources.

Shri Harish Rawat Minister of State for Labour And Employment gave this information in reply to a question in the Rajya Sabha

Government in their order first read above has extended the Tamil Nadu Government Pensioners’ Health Fund Scheme 1995 to all Family Pensioners including Teacher Family Pensioners with effect from 1st September 2009. In para 3 (iii) of the Government Order read above, it is stipulated that Family Pensioners who are willing to enroll under the Scheme shall exercise their option to the Pension Pay Officer/Treasury Officer/Sub-Treasury Officer/Manager of Public Sector Banks within 3 months from the date of issue of the orders (i.e) before 31.12.2009 to deduct a sum of Rs. 75/- from their family pension towards contribution to Tamil Nadu Government Pensioners’ Health Fund Scheme. Further in para 3 (V) of the Government Order read above, it has been stated that if no such option is received from the existing Family Pensioners on or before the completion of three months from the date of issue of the orders, it shall be construed that they are not willing to enroll themselves under the Tamil Nadu Government Pensioners’ Health Fund Scheme.

2. Various Pensioners Associations have represented to the Government that the three months period upto 31.12.2009 was not adequate since wide publicity was not given among the Family Pensioners regarding the above orders and hence they could not exercise their option before 31.12.2009 and requested to extend the time limit for exercising their option for a further period of 3 months.

3. The Government, after careful consideration, has decided to accept the request of the Associations. Accordingly Government direct that the time limit for exercising option by the Family Pensioners to enroll themselves under the Tamil Nadu Government Pensioners’ Health Fund Scheme 1995 be extended upto 30.06.2010.

4. Pension Pay Officer / District Treasury Officers / Sub Treasury Officers and Branch Managers of all Public Sector Banks are requested to display this order in the Notice Board of their office and ensure that this order reaches all Family Pensioners drawing Family Pension through their office.

With signs of economic revival becoming more pronounced, the government has relaxed the austerity drive undertaken last year and from April 1, government employees will be allowed to fly first class.

"The matter has been reviewed and it has been decided that with effect from April 1, 2010, travel on government account by air, both domestic and international may take place by the entitled class," an official statement said.

Last September, in the midst of the global financial crisis, the government had directed its employees not to fly first class on government account, irrespective of their entitlement, and fly economy for all domestic travels.

However, the government has not relaxed the austerity directive in case of Leave Travel Concession (LTC).

Canara Bank is one of the leading bank in India, Its opening career 2010 for recruiting staff as clerks, investment offices, officers and special officers. The Bank offering great banking services to the customers and world class banking opportunities. The Application invites from Indian Citizens.

Canara Bank offering the staff for its officer cadre and non officer cadre opportunities. The recruitment full details currently not available. For regular jobs notifications or recruitment only available on canara bank official website career Page.

Tuesday, March 23, 2010

Last week, the Union Cabinet provided relief to over five million central government employees by increasing the dearness allowance (DA) from 27 per cent to 35 per cent. It also increased the dearness relief (DR) for pensioners by 8 per cent.

These amounts will be paid to employees and pensioners with retrospective effect, from January 2010. DA is calculated as a percentage of basic salary; DR is a percentage of basic pension, based on the cost of living index.

Windfall gains are easier to dream about than manage. Here is some advice on using the money.

Clear or reduce liabilities: Start with retiring high-cost creditcard dues and personal loans. Even if you can’t clear the entire debt in onego, start the process. Interest on credit card loans can be as high as 40-50per cent a year and on personal loans between 12 per cent and 30 per cent.Govind Pathak, director, Acorn Wealth, said: “A home loan is the only onethat can be continued because of the tax benefits it provides.”

Purchase medical insurance: Even if you have a company-provided plan, it makes sense to have an additional policy “Take a health plan when you are between 40 and 50 so that it runs after your retirement too,” added Pathak.

Start investing for a corpus: Use the amount to start investingthrough systematic investment plans of mutual funds. Even if you make asmall start, savings over a long period can be substantial because ofcompounding of investments. Equity diversified funds should be the way togo. If it is a large sum, use the systematic transfer plan route. Anil Rego,CEO, Right Horizons, said: “Pensioners should invest to build an emergencykitty for medical purposes.”

Debt is a good option: Those nearing retirement should opt for debt, asprotecting the capital with stable returns is of prime importance. Usemonthly income plans that work like debt-oriented balanced funds. Theseinvest only 20 per cent of the money in equities.

Taxation: Homi Mistry, tax partner, Deloitte, Haskins and Sells,said: “The employer is liable to tax the employee at source at the time ofmaking the payment. If arrears paid in a relevant year are not taxed in theearlier year, the employee will be taxed in the year the payment is made.”Therefore, the government will deduct tax at source when the amount is paidin April.

For pensioners, the tax will depend on the total income, including thepension amount and income from other sources. Also, the exemption limit ofRs 2.4 lakh is available only to those above the age of 65. Not to forgetthat if the tax is deducted at source, it will be on the basis of the oldtax slab.

Subject: Policy on fixing an upper limit of the number of years for which officers can work in the personal staff of the Union Minister in their entire careers.

The issue of officers working in the personal staff of Ministers for long periods of time has been engaging the attention of the Government for quite some time. The various Departments/Serices recruit officers to man their respective organizations and it is not in the interest of the cadre management of an organization to let its officers be out of their cadres for prolonged periods of time.

2. The Appointrnents Committee of the Cabinet has decided that

(i) A total ceiling of ten years be prescribed beyond which an officer may not be permitted to be appointed in the personal staff of Ministers, irrespective of level.

(ii) Every time an appointment in the personal staff is made, the cadre authorities may check whether the officer has worked in the personal staff of a Minister earlier and if so, his total tenure be restricted to not more than ten years in his entire career. Further, his tenure as Private Secretary and OSD to the Minister should be limited to five years within this overall limit, on the personal staff of the Minister.

(iii) The ceiling of ten years and the sub limit of five years for PSIOSD with the ceiling of ten years, in the personal staff would be adhered too while processing the cases for appointments of PSs and OSDs. The tenure provided in all such cases would be inclusive of any stint that the officer may have worked in, earlier at Under Secretary or lower levels also in the personal staff of any Minister.

(iv) No relaxation will be granted to the above conditions.

(v) The Personal staff appointed in the Prime Minister’s Office may be exempted from the above provisions.

Monday, March 22, 2010

Corporation Bank is a leading public sector bank, invites online applications from Indian Citizens for the post of Probationary Officer and Specialist Officers Cadre.

1. Probationary Officer (JMG-I) - 80 posts

2. Security Officer (MMG-II) - 08 postsAge Limit : 21-45 years

3. Law Officer (JMG-I) - 05 postsAge Limit : 21-30 years

Pay Scale : MMG-II Rs.13820-19920, JMG-I : Rs.10000-18240

Important Dates :

Last date for online registration : 08/04/2010Last date for receipt of Print out of the online application : 15/04/2010Last date for receipt of Print out of the online application from far-flung areas (Only for Specialist Officers) : 22/04/2010Date of Examination for Probationary Officer : 09/05/2010

Sunday, March 21, 2010

LIC - Recruitment of Apprentice Development Officers (ADO)

Life Insurance Corporation of India (LIC) online applications are invited from eligible candidates for selection and appointment as Apprentice Development Officers in the various Offices of LIC of India. Approximately 5578 posts of Apprentice Development Officers are proposed to be filled in by the Offices under the jurisdiction of 8 Zonal Offices.

Pay Scale : Stipend of approximately Rs. 12421 per month during training period. Basic pay Rs. 7440/- per month in the scale of Rs. 7440-450(2)-8340-520(2)-9380-540(17)-18560 (Under Revision) and other admissible allowances as per rules.

The Union Cabinet today decided to release an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners with effect from 1.1.2010 representing an increase of 8% over the existing rate of 27% of the Basic Pay/Pension, to compensate for price rise. The increase is in accordance with the accepted formula, which is based on the recommendations of the Sixth Central Pay Commission.

The combined impact on the exchequer on account of both dearness allowance and dearness relief would be of the order of Rs.6969.36 crore per annum and Rs.8131.20 crore in the financial year 2010-2011 (for a period of 14 months from January, 2010 to February, 2011).”